When you file for divorce in Illinois and own a business with your spouse, the division of marital property can become particularly complicated and contentious. Even if your spouse is not a co-owner in the business, the equitable division of marital property can mean that you will need to have your business valued and that you may need to consider selling or dissolving the business as part of the divorce.
What do business owners need to know about divorce? An experienced Illinois divorce attorney can speak with you today about your case. At Law Office of Demetrios N Dalmares and Associates Ltd., we are committed to providing legal assistance to business owners who are going through a divorce.
Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), marital property in Illinois is subject to division, and this can include businesses and related business assets. In most situations where spouses co-own the business, or even when only one of the spouses is technically the business owner, the business itself likely will be classified as marital property. Unless any of the following is true, it is more likely than not that the business will be subject to division as marital property:
There may be some other situations in which the business is not subject to division, but these situations are relatively rare. As such, if you are a business owner and are getting divorced, you should plan ahead to keep your business.
If the business is indeed classified as marital property, what can you do to ensure that you are able to keep your business running during and after the divorce? An article in Entrepreneur Magazine recommends some of the following important steps prior to the distribution of marital property:
An experienced divorce attorney can help with your case.
Do you have a business? Are you getting divorced? It is important to have experienced Illinois divorce lawyers on your side. An advocate at Law Office of Demetrios N Dalmares and Associates Ltd. can speak with you today about your case and your options. Contact us for more information about our experience helping business owners through divorce in Illinois.
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In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple shared ownership in a business, resulting in complex property division issues. After investigation of the couple’s financial history, our client received a much more equitable divorce agreement than what was originally offered.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Mother: Father became aggressive and violent toward Mother during their separation, prompting her to seek full custody of their children. At trial, the court granted Father supervised parenting time only and Mother was awarded child support.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple had been locked in a contentious divorce for nearly three years and changed lawyers several times. Law Office of Demetrios N Dalmares and Associates Ltd. provided the experience and organization needed to resolve the case within months, avoiding a trial for our client.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Wife left a successful career to raise children. When Husband denied spousal support based on Wife’s previous earnings, Law Office of Demetrios N Dalmares and Associates Ltd. countered with evidence that retraining was needed, and our client was awarded spousal support.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Husband tried to intimidate Wife into a divorce settlement that heavily favored his interests by drawing out the case. Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife through trial, where she received an equitable share of marital assets.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Father: Mother began cohabitating with a new partner who made significantly more than our client. Law Office of Demetrios N Dalmares and Associates Ltd. successfully demonstrated that the new relationship justified a modification and obtained a favorable outcome through negotiation.